No fund manager's comment available.

The portfolio will apart from assets in liquid form, invest solely in the participatory interests of the Stonewood Global Equity Fund, a cell of the Stonewood Global Fund PCC Limited, established in Guernsey. The underlying portfolio invests mainly in equity, nonequity securities and interest bearing instruments as well as participatory interests of underlying portfolios of collective investment schemes or other similar schemes that provide exposure to equity investments and other growth asset classes across all market sectors. To the extent that the assets in the portfolio are exposed to exchange rate risk, the manager may enter into financial transactions for the exclusive purpose of hedging such exchange rate risk subject to the conditions and limits as stipulated by the Act. The portfolio's minimum equity exposure is 90% of its net asset value.